In discussion with the Board, we have assumed lower growth in our USA dermatology, gastrointestinal, and woman's health portfolios, as well as certain geographies like Western Europe, while keeping our expenses largely unchanged. Track the stock here.
Investors chose to focus instead on a profit warning the company issued: Valeant now expects first quarter 2016 revenue of $11 billion to $11.2 billion - down from previous guidance of $12.5 billion and $12.7 billion.
Valeant, which is based in Laval, Quebec, now anticipates a first-quarter adjusted profit between $1.30 and $1.55 per share on revenue in a range of $2.3 billion to $2.4 billion. The company predicted sales of US$12.5 billion to US$12.7 billion at the time, with adjusted earnings per share of US$13.25 to US$13.75. Simplex Trading now owns 3,412 shares of the specialty pharmaceutical company's stock valued at $1,850,000 after buying an additional 2,417 shares in the last quarter. Valeant now forecasts first-quarter earnings of $1.30 to $1.55 a share, on revenue of $2.3 billion to $2.4 billion.
The company said that Q4 results were impacted by soft sales in its gastrointestinal business, with sales taking a hit due to a drop in its wholesale and retail business following Valeant's agreement with Walgreens Boots Alliance (WBA - Analyst Report).
Bill Ackman, whose Pershing Square Capital Management is one of Valeant's largest shareholders, todd investors that he would take a much more active role there.
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WSU's fatigue and foul trouble helped Arizona rally, cutting the lead to 53-40 on a dunk by Ryan Anderson . VanVleet tied former teammate Tekele Cotton with his 120th victory as a Shocker, most in program history.
The Canadian drug maker, which is under investigation by United States agencies over its business and accounting practices, said it would delay filing its annual report with U.S. regulators. The Company is engaged in developing manufacturing and marketing a range of branded generic and branded generic pharmaceuticals over-the-counter (OTC) products and medical devices (contact lenses intraocular lenses ophthalmic surgical equipment and aesthetics devices) which are marketed directly or indirectly in over 100 countries.
Valeant shares plummeted 51% yesterday on massive turnover of nearly 139M after the company's mishandled earnings call. Earnings, adjusted for one-time gains and costs, were $2.50 per share. Its shares have lost about three-quarters of their value since peaking last summer amid questions about its business practices and disclosures of government investigations.
"In terms of management credibility, we have to earn it", said CEO Michael Pearson during a conference call following the company reporting fourth quarter 2015 financial information and updated 2016 guidance. It bought companies and raised prices on their drugs, a strategy that has collapsed under scrutiny of high drug spending. Valeant has said that Philidor's pharmacy network includes R&O.;
The company's troubles have made Valeant a tough place to work, Pearson said. Valeant has delayed the 10-K report pending a review of its financial reporting and internal controls. The restatement affects results from 2014 and 2015, when about US$58 million in revenue recognized in 2014 should have been booked in subsequent periods.